· Gold slipped back towards $US1,240 an ounce on Wednesday, after three straight day's of gains, as the U.S. dollar's recovered slightly from a 10-month low.
· Bullion held below Tuesday's 2-1/2-week high, when prices were buoyed by the failure of U.S. President Donald Trump's healthcare bill to pass the U.S. Senate and by waning expectations for further interest rate hikes from the Federal Reserve this year.
· The U.S. dollar index rose 0.2 per cent, with the euro down 0.3 per cent, however, taking upward pressure off gold. Spot gold was down 0.05 per cent at $US1,241.35 an ounce by 0456 AEST (1856 GMT), while U.S. gold futures for August delivery closed little changed, up 0.01 per cent at $US1,242.
· "With the sluggish dollar yesterday we had a bit of a move on the upside, but there seems to be some light profit taking coming in between $US1,243-1,245," MKS's head of trading Afshin Nabavi said.
· "It appears as if some Wall Street gold traders long from the $US1,232 area are hoping for this rally to continue and would be satisfied heading for the exits around the $US1,248-$1,252 range," said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.
"In the event the price of gold sells off, they will be watching the $US1,232 level on the downside."
· Silver was up 0.2 per cent at $US16.28 an ounce, off an earlier two-week high of $US16.36.
Reference: Business News
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